Bitcoin’s long-term holders are increasingly active around a cost basis of $38,900 while the spot price trades far higher, highlighting potential downside risk if historical patterns repeat. On-chain indicators show renewed coin movements and modest profit-taking from long-term investors, but recent selling has been led mainly by short-term holders.

On 24 February, Kraken announced xStock perpetual futures contracts that provide 24/7 leveraged trading of tokenized equities backed 1:1 by underlying shares in over 110 countries. Coinbase is adding spot stock trading through its Coinbase One app via a partnership with Yahoo Finance and plans tokenized U.S. equity products later this spring. These moves come as crypto market capitalization hovers near $2.24 trillion after a 47.5% drop since the 6 October 2025 crash, while the S&P 500 has gained 17% over the same period.

Bitcoin has seen about $1.163 trillion erased from its market capitalization since its October peak of $2.515 trillion, while U.S. institutional appetite has weakened and ETF redemptions have risen. Around $2.81 billion has left U.S. spot Bitcoin ETFs over the last two months, and recent spot net buying of roughly $305 million across three days points to fragile demand as retail traders try to absorb ongoing selling pressure.

Ethereum Classic declined nearly 9% over the past 24 hours as derivatives metrics turned decisively bearish. CoinGlass data show about 9% of liquidity left the ETC perpetual market, leaving open interest around $90.12 million and the OI-weighted funding rate at -0.0282. A move above $9.94 would be needed to challenge the broader downtrend.

Bitcoin stayed range-bound below $68,009 and hovered near $68,085, with a dense liquidation cluster around $69,000 acting as resistance. Sell-side dominance in the Buy/Sell Pressure Delta points to lingering downside risk, while futures volume fell 48% to $31.97 billion and options volume dropped 59% to approximately $992 million.

In February, the crypto market posted its fifth consecutive red monthly close as search interest for "crypto" fell toward 2022 lows. About $1.96 trillion has exited the sector and Bitcoin dominance sits at 58.29%, pointing to fragile liquidity and a recovery setup that remains unconfirmed.

MemeCore fell 9.5% in the past 24 hours, with sentiment leaning bearish and its CoinMarketCap ranking under pressure. Spot volume shifted just 0.3% to roughly $5.82 million and holder counts dipped from 6,710 to 6,700, according to CoinMarketCap. CoinGlass flagged a 14.7% capital outflow and funding near neutral.

BlackRock's IBIT Spot Bitcoin ETF 13F filing revealed Laurore Ltd. as a new holder with a $436 million Bitcoin position, which Bitwise's Jeff Park links to Chinese investors using an offshore structure. While Hong Kong spot Bitcoin ETFs manage 3,870 BTC worth about $264.9 million, U.S. institutional spot ETF NAV totals 682,830 BTC valued at $54.49 billion, even after a 66.6% drop in AUM since Bitcoin's October 2025 peak. Institutional sentiment remains cautious as large holders continue selling, putting further pressure on Bitcoin's price outlook.

Bitcoin has failed to close above $70,500 for 12 straight days, signaling a firm resistance as sell pressure builds. Between Feb 2 and Feb 15, whales increased their share of deposits to Binance, while average spot order size holds near 915 BTC and exchange reserves rose by about 12,000 BTC, keeping downside risks elevated.